XS Financial Inc., a specialty finance company engaged in equipment leasing in the United States, said that it has closed the acquisition of a California Lenders License through the purchase of a local entity in California, as previously announced in January.
The company has issued450, 671 shares of XS at a price of 29 cents a share and made a cash payment of $13,651 in consideration of the acquisition of all of the issued and outstanding shares of the acquired company, the company announced in a release.
The acquisition of the lender license allows XS to significantly expand its lending and financing capabilities in the state of California.
The company expects the license to play a crucial role given the steady increase in inbound requests from customers with business operations in California.
“We are thrilled to have obtained our California Lenders License,” XS CEO David Kivitz said in the release. “It is estimated that California will represent as much as one in four of all dollars spent in the U.S. on legal cannabis by 2024. While once very fragmented, we are seeing the emergence of true manufacturers in the market and will continue to assist growth with quality operators.”